Arthur J. Gallagher profit dips 7%

GregMorcroft

NEW YORK ( MarketWatch) -- Insurance broker Arthur J. Gallagher said Tuesday after the market closed that its third-quarter net income slipped 7% due to higher costs.

The company
AJG, +0.06%
said it earned $50.5 million, or 52 cents a share in the quarter, compared to $54.4 million, or 57 cents a share last year. Expenses rose to $324.3 million from $295 million a year ago.

Analysts polled by Thomson First Call had, on average, expected the company to report a profit of 54 cents a share.

The financial service segment of the company posted a loss of $3.3 million in line with management's previous expectations and compared to a $3 million loss a year ago.

Revenue climbed to $389.9 million, compared to $363.5 million last year, the fourth-largest U.S. insurance broker said.

Intraday Data provided by SIX Financial Information and subject to terms of use. Historical and current end-of-day data provided by SIX Financial Information. All quotes are in local exchange time. Real-time last sale data for U.S. stock quotes reflect trades reported through Nasdaq only. Intraday data delayed at least 15 minutes or per exchange requirements.